Binary Brains to raise SEK 10 million from angel investors from Sweden.
Binary Brains, an Örebro, Sweden-based company developing a software solution helping companies predict sales, announced the completion of a capital raise totalling SEK 10 million ($1.2M).
Binary Brains, founded in 2018 and led by CEO Jacob Kihlbaum, developed a service to produce accurate predictions for its customers 'and partners' future sales and demand with the help of AI.
The predictive analytics model can contain hundreds of variables and is linked to both customers' own data and third-party data to weigh factors in the outside world that influence purchasing decisions, weather and major events, or even the ongoing corona pandemic and its impact on demand.
Binary Brains produced sales of SEK 1.8 million ($210k) in 2020, when it also raised $310k from Almi Invest and other private investors.